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Stocks In Focus SG (Feb Inflation, KrisEnergy, Rex Int’l) – 25/03/14
• Singapore’s February inflation eased more than expected to a four-year low of 0.4 percent in February, down from January’s 1.9 percent. Bloomberg’s poll had a median forecast of 0.9 percent. However, pent-up wage pressures, rising food prices and a weakening Singapore dollar may drive inflation back up above 2 percent in the next few months.
• KrisEnergy has secured a US$100 million revolving credit facility maturing in March 2016 with an option to extend for an additional one year. KrisEnergy will be utilising the facility for the acquisition of hydrocarbon assets and general corporate purposes. It also contains an option to extend to a maximum among of US$140 million upon the addition of new hydrocarbon reserves in the proved plus probable category.
• Rex International’s 5.35 percent owned North Energy ASA will commence drilling campaigns at two of its licences, the PL713 Halddi prospect and the PL510 Tvilling South prospect in 3Q14 and 4Q14 respectively. North Energy is using Rex Virtual Drilling in high grading possible drilling targets in its portfolio.
• United Engineers said it is in discussions with a third party on the sale of its shareholding in UE E&C, which may or may not lead to a general offer after a query by Singapore Exchange on the unusual price movements.
• Lian Beng Group’s subsidiary has entered into a joint venture with Beijing Jin Hua Tong Da Real Estate Development to form Sino-Singapore KAP Construction, which will undertake property development in China. Lian Beng’s investment of Rmb27 million ($5.6 million) will be funded by internal resources.
• Shares of Albedo bounced back after a more than 40 percent plunge earlier as its proposed massive $1.9 billion reverse takeover deal involving Malaysian tycoon Danny Tan could fall through. While the deal is said to encounter some tension, Albedo noted that there were no mutual agreement to scrap the deal as yet.
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